Comcast is splitting its business into two by creating a media and entertainment-focused company called NBCUniversal, which will be home to the Universal film and TV studios, Sky, and a separate entity called Comcast that will house its broadband and wireless business.
The move comes as the US giant looks to wrap up a £1.6bn deal to buy the broadcast and streaming assets of ITV, which would sit within the new NBC Universal business.
The standalone company will also own NBC and Telemundo networks, streamer Peacock, cable networks such as Bravo and a raft of theme parks.
The tax-free deal will create two independent companies that will both be publicly traded. Comcast will retain a stake of up to 19.9% in NBCU for a year post-spin off, while Comcast shareholders will own stocks in both Comcast and NBCUniversal.
The US telco giant said the move would create two “focused industry leaders… with significant scale, strong financial profiles and distinct strategic opportunities.”
New leadership lined up
Comcast chief exec Brian L. Roberts will be actively involved in the leadership of Comcast and NBCUniversal, working with the latter’s chief exec Mike Cavanagh, who will retain his role, and Comcast’s former chief financial officer Michael Angelakis, who is rejoining the business to become its leader.
The deal is expected to close in around 12 months and was welcomed by markets, with Comcast shares up 9% in pre-market trading.
The split comes less than six months since Comcast formally completed the separation of its NBCUniversal cable networks into Versant Media, which is now home to brands such as Oxygen, E! and USA Network. The US telco’s plan to spin off the networks was first revealed in November 2024, as Comcast looked to focus on its Peacock streaming business rather than the declining audiences on cable TV.
Roberts said today’s transaction would “unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business. I very much look forward to helping guide our collective growth for this next chapter.”
This story first appeared on Screen’s sister site Broadcast.
